UCO Bank IMPS Issue: Between November 10 and 13, an attack on UCO Bank’s IMPS service trapped around Rs 820 crore of the bank. However, after much effort, the bank was able to recover only Rs 649 crore of this. The bank has not yet given any information about the remaining Rs 149 crore. The public sector UCO Bank had informed the law enforcement agencies about the issue. The bank did not consider it a cyber attack and called it a technical issue. According to the sources, in the ongoing investigation of the CBI in this case, the needle of doubt has been pointed at the two cities of Rajasthan, Jaipur and Jodhpur.
Irregularities between IDFC First and UCO Bank
Investigation revealed that several bank customers in Jaipur and Jodhpur had faced this problem on several occasions since the beginning of this month. The biggest problem was doing IMPS from IDFC First Bank savings account to UCO Bank. In this the amount was not debited from the IDFC First Bank account. But, deposited in UCO Bank account. The error first occurred on November 10. Gradually the problem escalated and the bank was stuck with Rs 820 crore. The bank then stopped transactions from these accounts and initiated proceedings to recover the amount.
The CBI is busy investigating.
According to a senior UCO Bank official, the management has taken the matter seriously. We are continuously monitoring the investigation. A few things have come to light in the initial investigation. But it cannot be said for sure whether it was a human error or a technical problem. CBI is doing its job.
State-owned banks should improve digital operation systems – Finance Ministry
Keeping the incident at UCO Bank in mind, the Finance Ministry has asked public sector banks to review their digital operation systems. According to sources, the finance ministry has advised banks to check and strengthen their cyber security. Banks have been asked to maintain strict vigilance and be prepared for cyber threats.
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